Fastenal (NASDAQ:FAST) Issues Quarterly Earnings Results

Fastenal (NASDAQ:FAST) released its quarterly earnings data on Tuesday. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.26, Zacks reports. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.

Fastenal Stock Performance

Shares of Fastenal stock opened at $43.74 on Tuesday. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The stock’s fifty day moving average price is $41.22 and its 200-day moving average price is $44.43. The firm has a market cap of $50.22 billion, a P/E ratio of 40.88, a P/E/G ratio of 3.14 and a beta of 0.90. Fastenal has a 12 month low of $35.31 and a 12 month high of $50.63.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be given a dividend of $0.24 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Fastenal’s dividend payout ratio is presently 82.24%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FAST shares. Wolfe Research raised shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price target on the stock in a research note on Thursday, November 13th. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Barclays reduced their price objective on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Finally, Robert W. Baird dropped their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.73.

Insider Transactions at Fastenal

In other news, Director Sarah N. Nielsen purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The stock was acquired at an average cost of $39.60 per share, with a total value of $39,600.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at $198,000. This represents a 25.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were bought at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately $495,800. The trade was a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of large investors have recently bought and sold shares of the company. Brighton Jones LLC acquired a new stake in Fastenal during the fourth quarter worth about $496,000. State of Wyoming boosted its position in Fastenal by 73.1% in the 2nd quarter. State of Wyoming now owns 6,107 shares of the company’s stock worth $256,000 after purchasing an additional 2,579 shares in the last quarter. Clark Capital Management Group Inc. acquired a new stake in shares of Fastenal during the 3rd quarter worth approximately $235,000. Eisler Capital Management Ltd. purchased a new position in shares of Fastenal during the 3rd quarter valued at approximately $226,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Fastenal in the 3rd quarter valued at $213,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.